Wednesday, May 23, 2012

Market Timing Update (5/23/12)

[EOD] Stocks -
Chart 1 updates our tracking counts. It's possible that today's low (with a lower low in the DOW) is a truncated 5th wave according to the pink count, but the prior lows have held in most indexes as well as in ES (Chart 2). For the moment, let's call today's low a small degree wave 2/B retrace (Chart 1, blue or red).

[830am] ES update -
ES at 0.618 retrace at the moment, with a potential ABCXABC structure